There is nothing good in this scheme and not a single point which is in favor of consumer. They just want to make money out of this scheme and it’s not a big deal that you will hear in future that this scheme was a big scam which is clear if you go through the brochure and rules mention by Authority. One of the biggest points is Manual Draw. In this 21st century how come you can go for manual draw and that too when Authority and its employees are earning money like anything.
1. People who got plots in Sec 18 / 20 are still waiting for possession after completing 5 years and Authority is coming up new schemes rather than giving possession of 2010 Plots.
2. In this scheme it is clearly mention that draw will be Manual (Point 13.ii in the brochure). How come any one can expect that draw will be unbiased.
3. This scheme has 3 payment plans.
a. Option 1:-
i. 100% of the total premium (including registration fee) to be paid within 60 days from the date of issue of allotment letter.
b. Option 2:-
i. 50% of the total premium (including registration fee) to be paid within 60 days from the date of issue of allotment letter.
ii. Remaining 50% shall be payable in two equal half-yearly installments calculated from the 61st day from the date of allotment with interest @12% p.a. on reducing principal amount at the end of each half yearly.
c. Option 3:-
i. 30% of the total premium (including registration fee) to be paid within 60 days from the date of issue of allotment letter.
ii. Remaining 70% shall be payable in Eight equal half-yearly installments calculated from the 61st day from the date of allotment with interest @12% p.a. on reducing principal amount at the end of each half yearly.
4. First Draw will happen for those who opted for 100% payment and then for those who opted for 50% and then at the end for those who opted for 30%. Which means people who will opt 30% will not get any thing for sure.
ALLOTMENT PROCESS:-
(i) The allotment shall be through draw of lots of plot numbers.
(ii) Draw shall be undertaken for each category separately.
(iii) Within category, first draw shall be conducted for applicants who chose option 1 as payment plan.
(iv) Thereafter second draw shall be conducted for applicants who choose option 2 as payment plan for the remaining plots.
(v) Thereafter third draw shall be conducted for applicants who choose option 3 as payment plan for the remaining plots.
5. Authority have not mention any thing by when they will give possession of these plots but at the same time they have mention “The possession of the allotted plot will be handed over only after deposition of minimum 50% of the total premium (inclusive of the registration money) of the allotted plot in each case.”
6. Authority will charge 15% compound interest for any delay / extension but they will not pay more than 4% simple interest.
EXTENSION OF TIME FOR MAKING PAYMENT:-
i. All payments shall have to be made within the time specified and no extension in time for making allotment money shall ordinarily be granted. However, in extraordinary circumstances, time for making payment can be extended by the Chief Executive Officer or any other officer authorized by him in this behalf for a maximum period of 30 days. Such extension of time, if granted, shall be subject to payment of an interest @ 15% p.a. compounded half-yearly on outstanding amount for such extended period on pro-rata basis.
7. Authority clearly mentions that they can use your registration money up to 12 months without any interest payment. Why they have mention 12 months when they are saying that draw date will be 02-11-2015.
a. ADJUSTMENT/REFUND OF REGISTRATION AMOUNT:-
i. In the case of successful applicants, the registration money shall be adjusted against the total payable premium of the plot.
ii. In the case of unsuccessful applicants, the registration money shall be refunded without any interest, if period of deposit of such registration money with the Authority is less than 12 months from the date of draw. In the event, the refund is made in excess of a period of 12 months from the date of draw, then such registration money shall be paid back alongwith simple interest @ 4%p.a. for such excess period. It is made clear that the interest on deposited amount will be calculated from 366th day of the date of the draw. In no case the period or deposit of this amount will exceed than 12 months.
So if you are planning to fill the forms then read the brochure carefully and go through each and every point because in case any thing happens in future (Delay in Draw, Delay in possession, Extension for payment, Any court Case by farmers and any unseen issues.) Authority will simply say that it was mentioned in brochure or it was not mentioned in brochure.
Below is the link for Terms and Conditions
http://yamunaexpresswayauthority.com/rps02tc
The entire content in this post is contributed by Mr. Pawan Kumar in the Master Plans India forums, and we reaaly appreciate his efforts and intentions to help people guide the right way.
View the original posting in forums.
Lot of thanks to Mr. Pawan Kumar.
We hope it will help many of you take the right decision.